Now that we’ve hit the 2019 Compliance Season, I like to think of 2018 as the proverbial “calm before the storm.” What last year may have seemed like a walk in the park with examiners could turn into a grudge match of significant proportions for credit unions unprepared for a year of more stringent rule enforcement.
I am exaggerating, of course, but by less of a margin than you may imagine. In the past few years, examiners have taken a “soft” approach in several areas of enforcement. In 2019, those approaches will harden in terms of higher expectations and more stringent requirements. One thing is certain – things are not going to get any easier for credit union compliance officers.
Coping with those changes is the subject of PolicyWorks’ new white paper The 2019 Compliance Season: Let’s Get Serious. We’ve tested the waters and we know the temperatures are rising. Helping you keep your head above those waters during an examination is the purpose of this publication.
Compliance covers many areas and operations within a credit union, but we’ve focused on NCUA’s “Big 6” for 2019: the Bank Secrecy Act (BSA), Concentrations of Credit, Consumer Compliance, Current Expected Credit Losses (CECL), Cybersecurity and Liquidity and Interest Rate Risk. Some of these areas are new, while others repeat from 2018. In all cases, however, the emphasis on toeing the line is stronger than it’s been in the past, and credit unions can’t afford to take things lightly this year.
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